I found myself tempted to pawn a household item to get the money needed to cover the gap between my last online payment and the next, sounding this much like the options someone my look at if were talking about payday loans and the money need before the payday. However when it comes to online jobs, we are not working for a company as understood by many lenders. Oftentimes there is no fixed-rate to receive as it would be a salary to get them considering to approve a payday loan application. So that what else to look at for a short-term loan? I think that pawnshops could have the answer, but unsure to know if this is the best option to look for in this particular case. Any thought on this? What other quick-money solution could be an alternative otherwise?
Pawning isn't typically a good credit option. However it also doesn't require you to have a debt owing. In a case where you work online have you thought about showing them some record of employment income? Tax receipts? The best way to cover short term gaps is with an emergency fun. But I guess pawning is kind of like an emergency fund as they both use an asset to cover a gap and not debt.
I think finding things that have value that you can sell either at the Pawn shop or on Ebay is an alternative that can be used to close the gap between what you are making online and what you need to pay your bills.
Hmm, never thought of showing tax receipts or, perhaps Paypal payment records might be accepted as well Even though is also worth to look around for something I might sell on eBay, only that worries me that selling takes longer than the time I expect to be paid for my online activity. I will try both of these solutions anyway, thank you so much to make me see this
I was going to suggest printing out your paypal pay records, glad someone else suggested it as well! I am not a fan of pawning things, and honestly, not really a fan of "payday loans". I've watched many friends drown under title pawns and small collateral loans that they ended up paying dearly for later on. Be smart and be careful and research all of your options before making a move. Best of luck!
Thanks Sarah for the advice! I was told without an employer there was little to do trying to apply for a loan, but I'm just realizing there are alternative for us working at home to prove our income. Pawning scares me a bit because have to leave an asset in the lender's hands, but I guess they will keep it secured. Nonetheless will be cautious making a decision researching a bit before go with one of these solutions, still have some days left till Monday when I have to get the money.
I think pawning your things is a good last resort but these days if you have enough time between now and the time you'd need the money you could just sell your things online instead, if you are considering selling instead of pawning that is. If you would like the item back then I'd say pawn shops will be the best bet and as long as you have a plan on how you will make the money back plus the interest then I don't consider it to be all that risky.
I think it is subjective to your needs. If you actually need it and calculated whether it would not cause any loss in the end and you can survive on it, why not? I would say that having a financial saving plan is better and it would of saved a lot of effort and pain regarding that issue.
Agreed about the financial plan. An emergency fund is just so necessary I am so surprised when I hear people don't have one. A lot must because there are almost as many payday loan joints in my town as banks. Pawning ALWAYS comes at a loss though, there is a profit built in for the pawnbroker (they don't operate out of the goodness of their hearts). When you pawn let's say you get say $80 for your $200 stereo. If you don't come back for it then you just lost $120. If you come back for it then you have to pay $100 to get it back and lose $20.
Pawnshops are one of the last case scenarios, which is why they tend to be bad for those looking to get money but great for people wanting to pick things up on the cheap. If it's about making sure you have food in your stomach and a roof over your head, then pawnshops can serve a purpose if needs be. But it's best to really understand what you are paying in the equivalent of interest rates and compare that with any credit card you have. Sometimes it doesn't pay to get your item back.
AMEN! My advice is that if you DO end up having to pawn something, after all, please make sure it is something you can live without. There could be a chance it would be unreasonable for you to get it out of pawn or unable to so be sure that it is something you don't mind "selling cheap".
That makes a lot of sense to be honest. Pawning ALWAYS comes at a loss, I didn't think of it that way though but I can see now it makes a lot of sense. I guess one would have to pawn due to consequences one has made through making bad financial decisions.
Pawn shops normally charge very high interests rates. Turn to them only after you've tried all other options and failed to get any money. Otherwise if you want a quick loan then I'd suggest trying to get some money from credit unions or peer to peer lending networks on the net. Their interest rates aren't as high . . .
How about the good ol borrowing from someone method? Now that is a much better and faster option than pawning your items. I think that when it comes to pawnshops, you will just shortchange yourself, so I think you have to avoid them if you can and just try to borrow from your friends and relatives or sell your things online.
If you go to a pawn shop to sell your things it's a good way to make money and clean out your jewelry box of treasures you no longer want. When you sell your things you trim down your ownership of things that when you get old you got to do anyway and when you need the money it's good to do it for eventually when you get older you can have less things and more money. Selling gold to a gold buyer that you trust is good for extra cash. Watch when the gold prices are up in the local newspapers before you sell; the section for stocks has a commodity section and lists gold prices for the day. Watch Pawn Stars and get a feel for what goes on when you sell to a pawn shop. It is up to the buyer & seller and you can say no to the price. Have a price in mind before you walk in so you can be pleasantly surprised or say no thanks and walk out. American Pickers is another way to sell some of your things that are vintage, unusual or antique. Good luck for getting the cash you need. Seasonal help hiring must be going on like it is here at Hawaii too. Good luck again!
In my whole life, I had pawned my jewelry only once. That was the time that we were short on the budget for the rent. It's not a good habit to pawn that's why I avoid pawning. Besides, I always have money in my piggy bank that when I grew up it became my bank account. Unfortunately, we were really financially down that time so I tried the pawnshop.
I have gone to pawn shops thinking that I could sell my jewelry or tools to meet the ever expanding bills vs. income gap but they offered me so little that it wasn't even going to help meet the gap. We have a local flea market and an auction house that works as a better option for me. The auction house can usually get a reasonable amount for what I have to sell and you can set a low bid on the items as you do on Ebay. If you have one in your area it is a good idea to make friends with the auctioneer.
I really would not want to go to a pawnshop to get a secured loan. It's true that you'll get so little value for your jewelry or property and at the same time, you're also taking a risk when you leave the property with them. When you pawn jewelries, they will scrape bits of the jewelry for testing and appraisal and that will take some value off the jewelry. As for quick money solution, I'd suggest selling old clothes or stuff, borrowing from a close relative on a short term basis, or getting an offline job part time job that will pay quickly.
When I was younger and was new in my job, the pawnshop is my usual refuge when I needed cash. I was not aware that the interest and the service charge they get from my loan was actually maiming my finances. It was such a good thing that I was able to stop that habit of going to the pawnshop otherwise I would be dirt poor until now. The interest rate according to the the pawnshop certificate is 2.5% per month. Wow, that's a lot of money they are raking from the pawners.
Well, if you don't need the item you are about to pawn, then it's a good idea to just have the item pawn and get it back if you already have the money to pay for it. I've done this before since no one wants to buy my gadget since it's really expensive--Anyway, I got the product free, so pawning it instead of selling it is a very good idea. But if there's a chance that you can have your product pawned to someone you know then I think this is much better since you know that this person won't rip you off. However, if you don't need the product anymore then why not sell it?
